Buy Mortgage Leads – What to Look For?
Posted on | April 4, 2011 | No Comments
The idea of purchasing mortgage leads from organizations the generate them may be unusual for some, but its effectiveness has been driven by society’s increasing adoption of the web as an information source. There are an increasing amount of people who are actively looking to purchase a new house. These same people are shopping around for comparable mortgage rates on the internet before they even begin to contact anyone directly. By collecting the contact information of these people, businesses are able to offer qualified leads to mortgage brokers.
While the concept of buying leads from a third party can make sense from an efficiency viewpoint, the truth is that “low-quality” businesses have also joined the ranks in this marketplace, pretending to be quality businesses. One thing to look out for is giving up credit card information. Be very careful and only do this when you are sure that the business is credible. Look for a business address that you can verify on Google Maps. Evaluate the contact phone number. Is it an 800 number or 888? Call and talk to a sales person. Find out how long they’ve been in business and why they are better than the competition. Evaluate their website and determine if there is a Verisign symbol on your browser. This will determine whether your information is secure.
Once you are comfortable with the business, you must evaluate the types of leads you will purchase.
Determine the quality of the lead
- Evaluate their freshness – fresh mortgage leads are delivered within 48 hours of their generation. The longer a lead is sitting before being contacted, decreases its chances of becoming a client.
- Evaluate their accuracy – some companies literally collect information from directories on the internet and sell them to individuals as leads. The web allows lead gene companies to verify contact information from potential leads. This increases their close rate.
- Evaluate their sincerity – How were the leads generated? Some businesses falsely collect information by launching random contests which have nothing to do with their intention to buy a home. Make sure that your leads are fully intending on obtaining a mortgage.
The average mortgage lead will cost you between $10-$30. The average conversion rate (percentage of people who buy a mortgage) is between 5%-15%. In the end this is what really matters. How many of the leads you purchase eventually purchase a home. While the cost of the lead may be relatively high, always look at the quality of the prospect. It may be worth paying a higher fee in exchange for a targeted lead.
After your leads have been purchased, make sure to call the prospect as soon as possible. Present yourself professionally and offer solutions tailored to your client’s needs.
How to Find Mortgage Refinance Leads on the Web
Posted on | February 6, 2011 | No Comments
If you are a loan officer or in the mortgage business, there will come a time when you will need to generate leads. When that time comes, you must be prepared and have a system in place to capture the opportunities as they arise. This article will give you some tips to generate mortgage refinance leads for little to no cost.
If we told you that there is a way to generate leads for free, what would you think? Well, it’s true. You can get good quality leads for free once if you look in the right places and know how.
Online Message Boards
The first method is to browse online message boards. A message board is an area on a website where people of similar interests post questions and communicate with one another. Your job is to find message boards where potential leads are already communicating and asking questions.
To find a message board, go to your favorite search engine and enter the term: mortgage refinance message boards. After you find the message boards, you want to post your own ad with a direct link to your website or your personal contact information in the footer of your messages. The key to the vault here is simple, talk to the people on the message boards and build relationships. Do not just spam the board by just promoting your service. Add value and communicate information that truly helps the members of the board. After these people ask you for more information, follow up with them.
Internet Groups
The next way is to use the power of the internet is to get mortgage refinance leads from internet groups. Create your own group with one of the many places online. For example, Yahoo Groups is a great resource. Allow the people to register for the new group that you have formed. Post to the group everyday or once a week. When you post, provide information that people can use. Provide solid information that they can relate to and encourage them to contact you with questions. This is a great way to get some free mortgage leads. Get their emails and send them a newsletter and remind them to contact you for all their mortgage needs.
Free Classified Ads
The last idea we want to share with you is the idea of free classified ads. To use this method, find a classified ad service like Craigslist and let people know about your services by posting a classified ad. When you do this, they will read and respond to your ad. You would follow up just like you did with the message boards. Once again make sure you encourage them to leave their name and email. You could also offer a free report that is made from information that they can use. By using these ideas you should be able to increase the number of free leads your business is able to get.
Tags: find mortgage refinance leads > loan officer > message boards > mortgage business > mortgage refinance leads
Generate FHA Mortgage Leads Without a Ton of Money
Posted on | January 29, 2011 | No Comments
The question is often asked, “how can I generate FHA mortgage leads without spending a lot of money?” The best method for saving money when it comes to leads is to go directly to the end user and bypass the Realtor or Agent in the process. As mortgage rates move around and the refinance applications continue to decline, a solid system for generating purchase leads is a must to ensure your survival. This article will help guide you.
The following strategy can generate a huge number of qualified mortgage leads for you. There’s no begging for leads involved and delivering donuts and rate sheets are not a requirement. What is required to make the system work is some initiative coupled with a little bit of technology.
The technology you’ll need is called a “call capture” system. In case you’re unfamiliar with “call capture,” it’s simply a toll-free number system that you dedicate to your personal mortgage advertising. The toll-free number captures every single phone number that dials it. This includes unlisted, blocked, and cell phone numbers. Plus, if the number is listed in a directory you’ll also receive the name and address of the caller. A great by-product of this system is that even if your prospect hangs up before finishing his/her request…their phone number is still captured giving you the capability of following-up.
Usually, “call capture” companies and marketing programs recommend that you give the toll-free number to a Realtor or Agent and allow them to use the system to capture leads via their property listings. Since you are the mortgage person of choice…you have full access to the leads as well. The problem with using the “call capture” in this manner is that it doesn’t work if you’re new to the business or haven’t established a good working relationship with a Realtor or Agent.
You can go around this road block by using the “call capture” for marketing purposes. For example, you can offer an exclusive free report that provides information helpful to the end user. The only way for them to access the report will be by calling your toll-free number. Every person who responds to your advertisement will now become a lead.
Using “call capture” to distribute free reports is different.It cuts the Realtor/Agent out of the equation. The best part is that all of the leads you generate are exclusively yours.
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